An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books? a) Rs.1,47,000 b) Rs. 1,51,000 c) Rs.1,63,000 d) Rs.1,41,000

An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at  Rs.85,000. What is the correct amount of profit to be reported in the books?  
a) Rs.1,47,000  
b) Rs. 1,51,000
c) Rs.1,63,000  
d) Rs.1,41,000
by

1 Answer

Answer :

b) Rs. 1,51,000
by

Related questions

An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the balance sheet? A] Assets increased by Rs.800000 and liabilities decreased by Rs.800000 B] Assets decreased by Rs.800000 and liabilities increased by Rs.800000 C] Assets increased by Rs.1000000 and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000

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Last Answer : D] Assets increased by Rs.800000 and liabilities increased by Rs.800000

Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be a) 2,00,000 b) 1,00,000 c) 3,00,000 d) 4,00,000

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A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

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Last Answer : b. $1,400,000 and 30%.

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Reshma purchased 120 chairs at price of Rs. 110 per chair. He sold 30 chairsat a profit of Rs. 12 per chair and 75 chairs at profit of Rs. 14 per chairs. The remaining chairs were sold at a loss of Rs. 7 per chairs. What is the average profit per table? A. Rs 10.56 B. Rs 10.87 C. Rs 12.123 D. Rs 12.67

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A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual

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A trader calculated his profit as Rs.150000 on 31/03/2014. It is an A] Transaction B] Event C] Transaction as well as event D] Neither transaction nor event

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Last Answer : B. Amortised to income on a systematic basis normally five years

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Last Answer : B. State consumer Dispute Redressal Commission

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Mr. Xavier invested a certain amount in Debit and Equity funds in the ratio of 4 : 5 respectively. At the end of one year, he earned a total dividend of 30% on his investment. After one year he reinvested the amount including dividend in the ratio of 6 : 7 in Debt and Equity Funds. If the amount reinvested in Equity Funds was Rs. 94,500/-, what was the original amount invested in Equity Funds? (a) Rs. 75,000/- (b) Rs. 81,000/- (c) Rs. 60,000/- (d) Rs. 65,000/- (e) None of these

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The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

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Capital employed is Rs.50,000 Trading Profit amounted Rs.12,200, Rs.15,000 and Rs.2000 loss for 2016, 2017 and 2018 respectively. Rate of interest is 8% and the rate of risk is 2% Remuneration from alternative employment of the proprietor is Rs.3,600 pa. Amount of Goodwill at 3 years. purchase of super Profit is A Rs.8,000 B Rs.8,800 C Rs.8,850 D Rs.9,500 ANS: Rs.8,850

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Last Answer : A

In a company M and O invested amount in the ratio 3 : 2 whereas the ratio between amounts invested by M and N was 4 : 3. If Rs.1,80,000 was their profit, how much did N receive?(calculate approximate value) A) 75432 B) 74483 C) 76854 D) 76443

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Last Answer : Answer: B) M : O = 3:2 O: M= 2:3 = 8:12 M:N = 4 :3 =12:9 O:M:N = 8:12:9 Therefore N’s share = Rs (1,80,000 * 12/29) =Rs(2160000/29) = Rs.74483(approx.)